Head Topics

Argentina’s new economy minister pledges end to central bank financing of government

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 63%

South Africa Headlines News

Sergio Massa, Argentina’s third economy minister in a month, outlines strategy to turn around the country’s deepening economic crisis

Newly appointed economy minister Sergio Massa speaks during a press conference in Buenos Aires, Argentina, August 3 2022. Picture: TOMAS CUESTA/GETTY IMAGES

Massa inherits the enormous challenge of taming inflation that’s now over 60% and expected to reach 90% by the end of this year. Cut off from international capital markets, Fernandez’s government has relied on money printing to cover its chronic fiscal deficit. The government will finance its budget by reducing its deficit or via private lending. The country is considering four loan offers by three international banks and a sovereign wealth fund, he said, without providing a figure of the potential deal.

Argentina’s central bank has already printed the equivalent of $4.8bn in pesos so far this year to finance government spending, meaning it only had $1bn left before hitting the ceiling for monetary financing laid out under the IMF programme.Investors said Massa needs to deliver more fine print details to assuage market concerns.

Source: Financial Digest (financialdigest.net)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Concerns over Godongwana leading PSA wage talksThe PSA says it's unlikely that government employees will get inflation-related wage increases if Finance Minister Enoch Godongwana takes the lead in wage negotiations. We are on the brink of poverty Why because he also stole from a labour union? Fumbling cyril might gatecrash talks and cave in like he did with eskom's extortionists
Source: eNCA - 🏆 49. / 51 Read more »

MONEY LIVE | Gold Fields profit up more than 24% | Fin24MONEY LIVE | UK central bank predicts lengthy recession, hikes rates by most since 1995. Let’s talk about 99.9% accurate signals💥 R400/$24 pm Telegram:
Source: Fin24 - 🏆 21. / 63 Read more »

Specialised unit 'a solution' to deal with illegal mining - Mantashe | The CitizenMinister says 'derelict and ownerless mines' were a problem for government. Tough laws on illegal mining is what is needed. Mantashe was too busy with his Karpowership deal and bullying villagers in Mpondo land for ANC funders Shell Oil.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Business Maverick: Pelosi Vows US Won’t Abandon Taiwan in Face of China ThreatsHouse Speaker Nancy Pelosi pledged that the US wouldn’t abandon Taiwan, reaffirming American support for the democratically elected government in Taipei despite threats of fresh trade curbs and military actions by Beijing.
Source: dailymaverick - 🏆 3. / 84 Read more »

Standard Bank faces biggest greylist risk, RMB Morgan Stanley warnsSA’s potential addition to a list of nations with higher money-laundering and terrorist financing risk could hurt Standard Bank and Nedbank most
Source: BDliveSA - 🏆 12. / 63 Read more »

Standard Bank faces biggest greylist risk, RMB Morgan Stanley warnsSA’s potential addition to a list of nations with higher money-laundering and terrorist financing risk could hurt Standard Bank and Nedbank most Good ! How can they not if they have the worst banking system.
Source: BDliveSA - 🏆 12. / 63 Read more »